Part II—Corporate Alternative Minimum Tax (CAMT)

CAMT applies if the tentative minimum tax for the tax year exceeds the sum of the regular income tax plus the base erosion minimum tax. The tentative minimum tax for the tax year is the excess of 15% of AFSI for the tax year, over the CAMT FTC for the tax year.

Line 1a. If the corporation’s AFS is a consolidated AFS, enter consolidated net income or loss set forth on the consolidated AFS for the current tax year, which includes net income or loss attributable to noncontrolling interests. Otherwise, enter the net income or loss set forth on the corporation’s AFS for the current tax year.

Line 1b. Enter the net income or loss of other includible entities not included in the corporation’s AFS. For example, include net income or loss reported on the corporation’s AFS as discontinued operations for any entity that is a member of the affiliated group of corporations filing a consolidated tax return. Add net income and subtract net loss.

Line 1c. Enter the net income or loss of excludible entities (including corporations that are not part of the affiliated group of corporations filing a consolidated tax return with the applicable corporation) included in the corporation’s AFS. Add net loss and subtract net income.

Line 1d. Enter any consolidation entry adjustments made attributable to entities the net income of which is included on line 1a (but only to the extent such adjustments were not reflected on line 1c). See Interim Guidance, earlier.

Line 1e. Reserved for future use.

Line 2a. Financial statements covering different tax years. Appropriate adjustments to AFSI are made when the AFS reporting year covers a period other than the corporation’s tax year.

Line 2b. Reserved for future use.

Line 2c. Corporations not included on the taxpayer’s consolidated return. In the case of any corporation which is not included on a consolidated return with the taxpayer corporation, enter the adjustment required by section 56A(c)(2)(C) with respect to such corporation. Also, enter any adjustments of a U.S. shareholder of a CFC resulting from certain distributions received with respect to stock of the CFC. See Interim Guidance, earlier.

Line 2d. Enter the adjustment(s) needed to include the corporation’s distributive share of all partnership investment AFSI. For more information, see section 56A(c)(2)(D), Proposed Regulations sections 1.56A-5 and 1.56A-20, and Notice 2025-28.

Line 2e. If the corporation is a U.S. shareholder of one or more CFCs, enter the corporation’s aggregate pro-rata share (determined under rules similar to the rules under

section 951(a)(2)) of the adjusted net income or loss of its CFCs. If the aggregate pro-rata share of the adjusted net income or loss of its CFCs is negative, enter zero.

Note: Line 2e should equal Part IV, Section I, line 3f, and Part VI, Section II, line 3.

Line 2f. In the case of an applicable corporation that is a foreign corporation, enter any AFSI income or loss included on the corporation’s AFS that is not effectively connected with the conduct of a U.S. trade or business. Enter AFSI income as a negative number and AFSI losses as a positive number.

Line 2h. For section 1381 cooperatives, enter an adjustment to reduce AFSI by the amounts referred to in section 1382(b) (relating to patronage dividends and per-unit retain allocations) to the extent such amounts were not otherwise taken into account in determining AFSI.

Line 2i. Alaska native corporations. Enter an adjustment to allow cost recovery and depletion attributable to property with a basis determined by the Alaska Native Claims Settlement Act (the Act) and deductions for amounts payable under section 7(i) or 7(j) of the Act which are allowed for federal income tax purposes.

Line 2j. Certain credits. Enter an adjustment to disregard any amounts treated as federal income tax credits under section 48D(d) or section 6417 or certain amounts received from the transfer of an eligible credit, as defined in section 6418(f)(1)(A), to the extent that these amounts were not taken into account on line 2g.

Line 2k. Mortgage servicing income. Enter any adjustments to defer items of income in connection with mortgage servicing contracts so that they are not included in AFSI prior to being included in income for federal income tax purposes.

Line 2l. Covered benefit plans. Enter adjustments needed to AFSI to disregard any income, cost, or expense that would otherwise be included on the AFS in connection with any covered benefit plan. Enter adjustments required to increase AFSI by any covered benefit plan income and to reduce AFSI by any covered benefit plan deductions, as allowed under the applicable provision of the Internal Revenue Code. See sections 56A(c)(11)(A)(i)–(iii).

Line 2m. Tax-exempt entities. Enter adjustments to AFSI so that only items from the corporation’s unrelated trade or business activities (as defined in section 513), subject to the modifications to unrelated business taxable income described in section 512(b), are included in AFSI. The adjustments to AFSI include any unrelated debt-financed income determined under section 514.

Line 2n. Depreciation. Enter an adjustment which is the difference between the section 167 depreciation deductions on section 168 property allowed in calculating taxable income for the tax year and the book expense, depreciation expense, or other cost recovery expense included in the CAMT entity’s AFS for such property. The adjustment is negative if the section 167 depreciation deductions on section 168 property exceed the book

Instructions for Form 4626 (2025) 11

expense, depreciation expense, or other cost recovery expense included in the CAMT entity’s AFS for such property. The adjustment is positive if the book expense, depreciation expense, or other cost recovery expense included in the CAMT entity’s AFS for section 168 property exceeds the section 167 depreciation deductions on such property. Also, enter any additional adjustments, including those to account for the disposition of property. See Interim Guidance, earlier.

Line 2o. Qualified wireless spectrum. Enter an adjustment which is the difference between the qualified wireless spectrum section 197 amortization allowed in calculating taxable income for the tax year and the book expense, amortization expense, or other cost recovery expense included in the CAMT entity’s AFS for such property. The adjustment is negative if the section 197 amortization deductions on qualified wireless spectrum exceed the related book expense, amortization expense, or other cost recovery expense included in the CAMT entity’s AFS for such property. The adjustment is positive if the book expense, amortization expense, or other cost recovery expense included in the CAMT entity’s AFS for qualified wireless spectrum property exceeds the section 197 amortization deductions on such property. Also, enter any additional adjustments, including those to account for the disposition of property. See Interim Guidance, earlier.

Line 2p. Covered transactions. If the corporation is relying on interim guidance regarding covered transactions, enter any AFSI adjustments that result from the application of such guidance.

Line 2q. Adjustments related to bankruptcy and in- solvency. If the corporation is relying on interim guidance regarding bankrupt or insolvent corporations, enter any AFSI adjustments that result from the application of such guidance.

Line 2r. Certain insurance company adjustments. If the corporation is relying on interim guidance regarding certain insurance company adjustments and other industry-specific adjustments, enter any AFSI adjustments that result from the application of such guidance.

Lines 2s through 2u. Reserved for future use.

Line 2z. Other. Enter any other AFSI adjustments, including adjustments to prevent omissions or duplications of any items, as permitted by Interim Guidance. Use line 2z to enter adjustments related to income of foreign governments. Attach a statement describing the adjustment and amount. If the corporation is relying on interim guidance regarding certain hedging transactions or items measured at fair value, enter any AFSI adjustments that result from the application of such guidance.

Maintain adequate records documenting both the amount of FSNOL generated in the tax year and used in subsequent tax years.

Line 10. Enter the corporation’s regular tax liability (as defined in section 26(b)) minus any foreign tax credit, if any (Form 1120, Schedule J, line 1a minus any foreign tax credit entered on Schedule J, line 5a, or the applicable lines on the corporation’s tax return).

Line 11. Base erosion minimum tax. Enter the base erosion minimum tax amount, if any, from Form 1120, Schedule J, line 1f, or the applicable line of the corporation’s tax return. See section 59A and Form 8991, Tax on Base Erosion Payments of Taxpayers with Substantial Gross Receipts.